This is not how it works. There is really no such thing as a passive investment. Passive is really the world's simplest active investors. All they do is ask, di

This is not how it works. There is really no such thing as a passive investment. Passive is really the world's simplest active investors. All they do is ask, did you give me money? Then I buy. Did you ask for money? Then I sell. This is important because in your example of only 10 actually active investors remaining, the net flow of the passive investors will dominate the market. If the net flow is positive, stocks will trend to infinity and the firm will continually issue more stock. This is what AMC is doing already. If net flows are negative, stocks will trend to zero, and likely the firm will either have money and go private, or be in debt and go under.